As Nigeria’s banking sector experiences a surge in recapitalisation efforts, four deposit money banks in the country have recently upgraded their banking licences from regional to national status. This development has contributed to the expansion of the banking landscape, bringing the total number of banks in the country to 44.
The Central Bank of Nigeria (CBN) released a list of licensed financial institutions, revealing the updated composition of the banking sector. Among the newly licensed banks, there are now seven international banks, 15 banks with national licences, four with regional licences, four non-interest banks, six merchant banks, seven financial holding companies, and one representative office operating in the country.
The list, which is publicly accessible on the CBN’s official website, delineates the distribution of banking licences across various categories. Banks holding international authorisation include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.
On the other hand, banks with national authorisation licences encompass Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited, and Optimus Bank Limited.
The decision by four deposit money banks to upgrade their licences reflects the ongoing efforts within the banking sector to enhance operational capabilities and adapt to evolving regulatory requirements. It also underscores the competitive dynamics shaping the industry as banks position themselves for growth and sustainability in a rapidly changing economic landscape.
